Budget 2024: Will the Finance minister give a surprise?
Like every year, people from all walks of life have various expectations about this budget. The main ones are the tax-paying section. Union Finance minister Nirmala Sitharaman is scheduled to present the Budget 2024 on february 1. The budget to be tabled on february 1 will be an Interim Budget as this year's elections are about to take place. However, there are expectations that the government will make many important announcements in this budget to please the people during the election. Like every year, people from all walks of life have different expectations about this budget. The main ones are the tax-paying section. Taxpayers are eagerly waiting for the announcements regarding Income Tax Benefits. Meanwhile, sources say that major announcements on tax incentives will be put on hold till the lok sabha elections. Speaking about the budget expectations, Archit Gupta, founder and CEO of ClearTax, said in a media interview that the upcoming budget will provide an opportunity to address lingering concerns and set the stage for future economic growth. He said the budget would prioritize fiscal discipline and avoid populist measures. Here's a look at the tax benefits taxpayers can expect in Budget 2024.
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80D Deduction Limit:
Archit Gupta said that given rising medical expenses, the deduction limit under Section 80D for medical insurance premiums should be increased from Rs.25,000 to Rs.50,000 for individuals and from Rs.50,000 to Rs.75,000 for senior citizens. Extending Section 80D benefits to the New Tax Regime will promote equal access to healthcare, he said. Archit Gupta said that despite being recognized as a metro city by the Constitution of India, Bengaluru is still classified as a non-metro city for income tax purposes. He pointed out that while other metro cities get 50 percent HRA Deductions, the people of Bengaluru get only 40 percent.
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The current complex capital gains tax system poses a challenge to investors. He said there are many factors to consider such as asset classes, holding period, tax rates, and residency status. He said the central government should streamline the classification of equity and debt instruments, harmonize the tax treatment of listed and unlisted securities, and simplify indexation rules.
TDS Guidelines For home Buyers:
Currently, 1% TDS is deducted on property purchases above Rs 50 lakh. The entire process is simple for resident indian citizens when selling property (using Form 26QB). However, Archit Gupta also said that this is problematic for Non-Resident indian (NRI) sellers.
Like every year, people from all walks of life have various expectations about this budget. The main ones are the tax-paying section. Union Finance minister Nirmala Sitharaman is scheduled to present the Budget 2024 on february 1. The budget to be tabled on february 1 will be an Interim Budget as this year's elections are about to take place. However, there are expectations that the government will make many important announcements in this budget to please the people during the election. Like every year, people from all walks of life have different expectations about this budget. The main ones are the tax-paying section. Taxpayers are eagerly waiting for the announcements regarding Income Tax Benefits. Meanwhile, sources say that major announcements on tax incentives will be put on hold till the lok sabha elections. Speaking about the budget expectations, Archit Gupta, founder and CEO of ClearTax, said in a media interview that the upcoming budget will provide an opportunity to address lingering concerns and set the stage for future economic growth. He said the budget would prioritize fiscal discipline and avoid populist measures. Here's a look at the tax benefits taxpayers can expect in Budget 2024.
80D Deduction Limit:Archit Gupta said that given rising medical expenses, the deduction limit under Section 80D for medical insurance premiums should be increased from Rs.25,000 to Rs.50,000 for individuals and from Rs.50,000 to Rs.75,000 for senior citizens. Extending Section 80D benefits to the New Tax Regime will promote equal access to healthcare, he said. Archit Gupta said that despite being recognized as a metro city by the Constitution of India, Bengaluru is still classified as a non-metro city for income tax purposes. He pointed out that while other metro cities get 50 percent HRA Deductions, the people of Bengaluru get only 40 percent.
The current complex capital gains tax system poses a challenge to investors. He said there are many factors to consider such as asset classes, holding period, tax rates, and residency status. He said the central government should streamline the classification of equity and debt instruments, harmonize the tax treatment of listed and unlisted securities, and simplify indexation rules.TDS Guidelines For home Buyers:
Currently, 1% TDS is deducted on property purchases above Rs 50 lakh. The entire process is simple for resident indian citizens when selling property (using Form 26QB). However, Archit Gupta also said that this is problematic for Non-Resident indian (NRI) sellers.
